Among the contributors in the 1960s to the academic literature on options discussed in chapter 5 were the Princeton economists Burton Malkiel and Richard Quandt. They argued that options' reputation as "the `black sheep' of the securities field" was undeserved. Their use was "a very desirable strategy for most investors" and "wholly rational," although the ad hoc New York options market was "relatively inefficient" (Malkiel and Quandt 1969, pp. 6, 163, 165, and 167).

Donald MacKenzie, An Engine, Not a Camera, loc. 650